Ovintiv Inc. (NYSE:OVV) Receives Average Recommendation of “Moderate Buy” from Analysts

Ovintiv Inc. (NYSE:OVV) has been given an average rating of “Moderate Buy” by the twenty-three brokerages that are currently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, nineteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $68.75.

Several analysts have issued reports on OVV shares. Morgan Stanley set a $67.00 price target on shares of Ovintiv in a research report on Wednesday, August 19th. Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. Weiss Ratings raised shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. National Bank Financial raised their target price on shares of Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Finally, Zacks Research cut Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th.

Ovintiv Stock Up 1.2%

OVV stock opened at $60.48 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The business has a 50 day moving average price of $62.86 and a two-hundred day moving average price of $58.87. The company has a market cap of $16.66 billion, a price-to-earnings ratio of 17.08 and a beta of 0.53. Ovintiv has a twelve month low of $35.47 and a twelve month high of $67.51.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Analysts anticipate that Ovintiv will post 7.28 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is presently 33.90%.

Insider Activity at Ovintiv

In other news, EVP Rachel Moore sold 7,753 shares of Ovintiv stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the transaction, the executive vice president directly owned 72,530 shares in the company, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Several hedge funds have recently added to or reduced their stakes in OVV. Steph & Co. acquired a new position in shares of Ovintiv in the first quarter valued at $29,000. Aberdeen Wealth Management LLC acquired a new stake in shares of Ovintiv during the 2nd quarter worth about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Ovintiv during the 2nd quarter worth about $32,000. Markowski Investments bought a new stake in shares of Ovintiv during the 2nd quarter worth about $39,000. Finally, Root Financial Partners LLC grew its stake in Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after buying an additional 277 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company’s principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta’s Montney and Duvernay formations.